Key facts: Amgen Q3 beat; guidance raised; trials succeed; targets rise

What happened

Amgen reported third-quarter revenue of $10.37 billion, up 8%, and adjusted earnings per share of $6.45, up 14% and above forecasts. It raised its 2025 revenue and adjusted earnings guidance, reported positive results for two Phase 3 trials, and said an IMDELLTRA combination improved survival.

Confirmed

Global impact / market context

Higher guidance points to Amgen expecting more revenue and adjusted earnings in 2025, which could support its ability to fund research and other spending. Positive trial results may broaden future treatment options, but the article gives no launch timing or expected sales, so commercial effects remain uncertain.

Analyst inference

Ten firms raised their Amgen price targets while keeping ratings unchanged, suggesting higher valuation estimates rather than a shift in their buy-or-hold views. The targets ranged from $410 to $536; two were near the reported Nov. 3 closing price of $461.26.

Confirmed

What to watch

1. Watch Amgen’s next updates on 2025 revenue and adjusted earnings guidance to see whether reported growth translates into sustained financial performance. Analyst inference
2. Look for further details on the TEZSPIRE and dazodalibep Phase 3 results, including whether the findings support regulatory submissions or eventual product sales. Analyst inference
3. RBC said it will await more MariTide data, not expected until 2027, before assessing Amgen’s obesity-drug prospects. Confirmed

Evidence

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